ABU DHABI // South Korea struck an historic deal with Abu Dhabi yesterday to explore for oil in areas covering 10 per cent of the emirate’s landmass.
Abu Dhabi National Oil Company (Adnoc) signed a contract with Korea National Oil Corporation (KNOC) and Seoul's GS Energy to create a joint-venture company that plans to begin pumping oil within two years.
It is the latest in a string of strategic deals between Seoul and Abu Dhabi, from a US$20 billion nuclear power plant to military training to industrial construction.
“South Korea has really been able to build a strong, close relationship with Abu Dhabi,” said Samuel Ciszuk, a consultant with KBC Energy Economics. “This is clearly a very strategic deal and it’s all connected in a bigger way.”
The 30-year agreement for two onshore blocks and one offshore makes South Korea the seventh foreign nation to develop Abu Dhabi crude, a business historically dominated by the western majors. The area to be explored covers 11,560 sq km and contains an estimated 570 million barrels of oil.
South Korea’s relationship with Abu Dhabi came into the spotlight in 2009 when Seoul beat French, American and Japanese competitors to win a contract to build four nuclear reactors. Since then the two nations have expanded cooperation to military training, oil storage and now crude exploration.
Under the agreement, South Korea will have the right to all the oil produced from the three fields in the event of a supply emergency.
“This country has many natural resources,” said Dr. Seong Hoon Kim, the chief operating officer of KNOC. “We don’t have any natural resources but very modern high technology. If we combine together, it will be a very good combination for both countries.”
The fields included in yesterday’s contract are expected to produce 43,000 barrels of oil a day by 2014. KNOC will own 34 per cent of the venture, GS Energy 6 per cent and Adnoc the remaining 60 per cent.
Some of the fields were discovered by Adnoc as far back as the 1970s. “At that time it was not big enough to develop,” said Dr Kim. “But at the current oil price it’s worthwhile to develop so we’ll bring all the technology to make the project successful and try to find additional oil.”
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Engine: 3.0-litre six-cylinder turbo
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
